Electrum Execoin Stealth Wallet Review

Journalist:
July 16, 2014


Execoin very recently launched their new lightweight wallet made with Electrum. The wallet supports a brand new feature of stealth transactions which gives users the option of privacy when receiving payments from other users. In addition to stealth payments, the new wallet also eliminates the need for making backups and is ready to be used within minutes of download as it connects to the blockchain remotely.

Disclaimer: The Author has some holdings in Execoin.

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For security purposes, the wallet does not share privately generated keys with the server. I got a chance to do some testing with the developers prior to the official release of the wallet to experiment with the build and new stealth transactions. The receiver of the transaction’s balance cannot be viewed by the sender. Making it entirely safe for a stealth address to be reused. Only the receiver of the transaction has the information to trace the payment on the blockchain and view the balance of the stealth address. This feature gives users the option of privacy when getting paid with Execoin.

Testing

Upon the creation of the wallet, a random seed is generated for each user. This twelve-word seed can be used to recover a wallet if it happens to be lost somehow. It is also important to note that the same wallet can be installed on multiple PC’s. Each client will auto synchronize to the network, and the wallet will be ready to go. This is an ideal feature for a group of people sharing funds on one wallet. Here is the generation of the seed. My set given seed has been whited out for obvious reasons.

With the seed, the need for backups is eliminated as long as you keep your seed safe. If anyone gains access to the seed, they will be able to steal your wallet. In addition to the seed generation, the wallet can be encrypted, contacts can be added, and payment history can be exported or imported. These features give the new wallet a crushing edge over the standard altcoin wallet. Though it is a lightweight wallet, no corners have been cut in terms of security. Each user’s seed and private keys are never shared with the server. I then got a chance to test the stealth transaction feature with the developers.

The first transaction went very smoothly. Execoin has fast transactions due to the fast block re-target rate. I then tested some of the functions on the Linux version. Including the contact feature.

More testing!

Though the stealth transactions are explained in depth in the white paper. We have seen an increase in demand for privacy with cryptocurrencies. Execoin has launched the first open source wallet with stealth address support. Even if you do not plan on using the stealth features of the wallet, the extra features the Electrum wallet brings makes it an upgrade from the standard desktop wallet. Overall the wallet’s build is very solid and bug-free. During my testing session with the developers I did not run into any bugs or issues, and everything went according to plan. The stealth transaction technology is a little bit hard to understand at first and comes with a learning curve. Within twenty minutes, I was able to understand how to properly use the stealth features.

Here are my scores of the wallet based on various aspects of the testing I did. Please feel free to leave your own review. You can download the new wallet here.

Last modified (UTC): July 16, 2014 20:03

Tags: execoin
Drew Cordell (@DrewjCordell) @DrewjCordell

Drew is an undergraduate student at the University of Texas at Dallas, majoring in Business. He is an active member of the Cryptocurrency community, and enjoys collecting, trading, and writing about various coins. Outside of the digital currency world, Drew tends to spend his time with friends, playing video games, or studying.